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Credit Monitoring Services

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Consumers can setup credit report monitoring to detect events or critical changes to their credit report. Alerts can be sent by e-mail, sms/text message, or postal mail when changes are made to a credit report. If a new application for credit is reported, a payment is reported late, or any other change is made an alert will be triggered. Alerts can be sent daily, weekly, monthly, or quarterly. Credit Monitoring can be setup separately with each of the Big 3 Credit Bureaus for a subscription fee. Credit report monitoring is becoming more popular due to the 10 million cases of identity theft reported last year.

If you decide to setup credit monitoring it's a good idea to pay for 3 in 1 credit monitoring (3 bureau credit monitoring). With a single subscription you can simultaneously monitor your credit report from all 3 major credit agencies (Experian, Equifax, and TransUnion) at the same time. Prices range from $10/month for single bureau monitoring to $20/month the 3 in 1 monitoring. Monitoring usually includes your credit or FICO score as well. If you intend to make a major purchase in the near future you can choose to be notified when you reach a target FICO score.

Credit Monitoring Services look for and send notifications when...

New accounts are opened
Inquiries are made
Account balances increase
Payments are missed/late
New activity on accounts not frequently used
New collection agency records
New judgment, liens, and other public records
Name or address changes (credit header data)
New addresses or telephone numbers

Credit Monitoring from the big credit bureaus

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User Comments

If you are property investor and do a lot of real estate transactions then it's probably wise to monitor your credit with one of the services. I have many properties each with 1st and 2nd loans as well as equity lines. All these accounts can get confusing so it's nice to have monitoring of everything.

Posted by Mark A on 11/9/06, 10:13 AM

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